What is the minumum amount you would advise to put towards a down payment?
2007-02-19 10:01:25 · 4 answers · asked by D-Lovely 2 in Cars & Transportation ➔ Buying & Selling
Instant money comes and goes, however.. your car payments can hang around for as much as 6 years.
I think you should give down as much as possible, and benefit from lower car payments for the entire life of the loan as a result.
The "how much" depends on the price of the car you're thinking about.
If you can manage 20% of the total vehicle's worth it's a good investment, but I recommend higher than that if possible. Nowadays it isn't uncommon to end up "upside down" on a car loan. The more down you give, the less likely that will happen. When it comes time to trade that car in, you will be happy you gave alot down.
Good Luck!
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2007-02-19 10:47:06 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
that all depends upon what a reasonable payment is to you, I would keep the cash in the bank and pay a little more every month personaly, but then again I think leasing is the only way to buy a depreciating assett like a car..... unless of course your going to drive it for 7 years and know you will not have any malfunctions or repairs
2007-02-21 21:32:47 · answer #2 · answered by kpotter47 3 · 0⤊ 0⤋
20-30% would be advisable to keep yourself from getting "upside down". Personally I use the old 100% down method.
2007-02-19 18:22:56 · answer #3 · answered by J.R. 6 · 0⤊ 0⤋
however much you can afford. the more you pay up front, the better the interest rate, and whn you put more down, you are paying interest on less of the vehicle.
2007-02-19 18:04:52 · answer #4 · answered by Evan B 3 · 1⤊ 0⤋